Silver (XAGUSD) Ended Its Zig Zag Correction – Ready for the Next Leg Up?

Hello fellow traders,

In this technical article, we are going to present Elliott Wave charts of Silver XAGUSD.  The commodity could have completed its intraday Zig Zag correction at the Equal Legs zone. In the sections below, we outline the current Elliott Wave count and the expected forecast, including the target and the alternative scenario.

Before we take a look at the real market example, let’s explain Elliott Wave Zigzag.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A  or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and  ideal retracements.

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XAGUSD 1-Hour Elliott Wave London Analysis 11.14.2025

Silver XAGUSD has completed 5 waves up in the cycle from the November 4th low, marked as 2 red on the chart. The commodity is now giving us a pullback against that low, unfolding as a Zig Zag pattern. We can clearly count five waves in wave (a). Wave (b) appears to have completed as 3 waves, and now we are looking for another leg down, which should be composed of 5 waves. As our members know, we use the equal legs of waves (a)–(b) to project the potential target for wave (c), which comes in at 51.185–49.727.
Although another leg down can unfold, we do not recommend selling against the main bullish trend.

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Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

XAGUSD 1-Hour Elliott Wave NY Midday Analysis 11.14.2025

Silver declined in the wave (c) leg as expected. The price reached our target zone at 51.185–49.727 and has made only a shallow bounce so far. We assume that the ((ii)) pullback may already be complete at the 50.1 low. However, we would need to see further separation from that low, reaching at least the 50% Fibonacci zone relative to the (b) peak, to confirm that the correction is complete.

As long as the price remains above this level, a rally toward new highs could already be in play, with the next upside target at 54.7–55.93. However, if the price breaks below the 50.1 low, it would indicate a 5-wave decline from the peak, suggesting that we may be ending only the first leg of a larger Zig Zag pattern.

Keep in mind not every EW count is trading recommendation. For Official trading setups, please follow our Live Trading Room

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